The document summarizes Tegma's 3rd quarter 2013 results presentation. It highlights that Tegma completed the acquisition of the remaining 20% of Direct Express Integrated Logistics, recording a R$16.4 million reversal. It reported a R$17.5 million loss from discontinued labor claims. The Automotive Logistics division grew revenue 23.7% in 3Q13 while Integrated Logistics fell 28.9%. Net income decreased 39.4% in 3Q13 due to negative performance in Integrated Logistics. Cash and debt levels were stable in 3Q13, with a net debt to EBITDA ratio of 1.8x.
3. 3
Recent Events
• On November 11, 2013 it was announced the succession plan of the Company's
management;
• Tegma completed the acquisition of the remaining 20% of the capital of the Direct
Express Integrated Logistics SA ("Direct"), making it directly and indirectly holds
100% of the capital. The Company paid the anticipation and the exercise of the
options, the total amount of R $ 2.4 million;
4. 4
Extraordinary Effects
• It was recorded a reversal of the accrued amount as variable price for the acquisition of 80% of
the initial Subsidiary Direct by Tegma, totaling R $ 16.4 million. In 3Q12, had been expunged R $ 7.0
million for the same item;
• Loss from discontinued operations labor claims in the amount of R $ 17.5 million, which reflects a
calculation of Labor claims the Company, and that, of this amount, U.S. $ 4.5 million relates to the
payment agreements in the quarter with effect on cash and U.S. $ 13.0 million to the increase in
accruals performed because of the volume of complaints still exist;
• Set the mark to market swap USD debt, whose setting in 3T13 was R $ 9.7 million negative,
offsetting the revenue of the same value in 2Q13;
5. 1,180.4
1,307.1
9M12 9M13
Consolidated Results
Consolidated Net Revenue – million of R$
451.8
467.2
3Q12 3Q13
3.4%
5
10.7%
Net Revenue 3Q13 EBITDA-ANet revenue 9M13
PERFORMANCE OF QUARTER MARKED BY GROWTH OF LOWER DIVISION OF AUTOMOTIVE
AND THE FALL OF REVENUE DIVISION OF INTEGRATED LOGISTICS
6. 51.3 49.3
3Q12 3T13
138.6
111.1
9M12 9M13
Consolidated Results
EBITDA – million of R$
56.3
47.8
3Q12 3Q13
-15.1%
Margem EBITDA
EBITDA
EBITDA-AEBITDA without non-recurring
STABILITY AND EBITDA MARGIN IN REFLECTING 3T13 MAJOR EXPENSES
ADMINISTRATIVE AND DURING FALL IN 9M13 BY REASON OF PERFORMANCE
NEGATIVE DIVISION OF INTEGRATED LOGISTICS
136.2
102.4
9M12 9M13
-24.8%
11.4%
10.5%
11.7%
8.5%
-3.9%
-19.8%
6
12.5%
10.2%
11.5%
7.8%
Margem EBITDA
9. 24.5
26.1
3Q12 3Q13
67.8
39.0
9M12 9M13
Consolidated Results
Net Income – million of R$
30.3
18.3
3Q12 3Q13
-39.4%
Net Margin
Net Income
EBITDA-ANet Income without non-recurring
INCREASE IN NET INCOME 3T13 DUE TO LOWER IR RATES IN THE PERIOD AND FALL IN 9M13
BY REASON OF NEGATIVE PERFORMANCE DIVISION OF INTEGRATED LOGISTICS
63.5
34.6
9M12 9M13
-45.6%
5.4% 5.6%
5.7%
3.0%
6.2%
-42.5%
9
6.7%
3.9%
5.6%
3.3%
Net Margin
10. 213
227 233
279 276
1,0 X 1,3 X 1,5 X 1,8 X 1,8 X
-10.000,0
-8.000,0
-6.000,0
-4.000,0
-2.000,0
0,0
0
50
100
150
200
250
300
350
3Q12 4Q12 1Q13 2Q13 3Q13
Balance Sheet Facts
Cash and Debts – million R$
Net Debt / EBITDA
/12 months EBITDA*
Debt Profile
30%
70%
ST LT
10
* Indicator reflecting adjustments of events
extraordinary / non operational in the 2012 year.